On 21 May this year, the European Council approved the AI Act, a regulation that aims to harmonize the rules for artificial intelligence in the EU.
Following the approval of both the European Parliament and the European Council, the final text will be published in the Official Journal of the EU and will enter into force 20 days later. The Act will become fully applicable 24 months after its entry into force.
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The Swedish trade federation Svensk Handel views the adopted AI Act with some concern and stresses the importance of the regulation being designed in a way that neither hinders innovation nor economic development. 'We welcome a risk-based approach and clear guidelines,' says Johan Hetting, Business Policy Expert.
Four risk levels
For companies in the retail sector, it is important to stay up to date, gain knowledge, and identify what level of risk they are exposed to and how they should act accordingly. The AI Act establishes four levels of risk for AI use: Minimal Risk, Limited Risk, High Risk, and Unacceptable Risk.
To ensure proper application, several governing bodies are established:
- An AI office within the European Commission to enforce the common rules across the EU.
- A scientific panel of independent experts to support the supervisory activities.
- An AI Board with representatives from Member States to advise and support the European Commission and Member States on the consistent and effective application of the AI Law.
- A stakeholder advisory forum to provide technical expertise to the AI Board and the European Commission.
More information:
Svensk Handel
www.svenskhandel.se